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Today's news alerts include: KazMunayGas, ConocoPhillips and Mubadala Announce Signing of Project Agreements for Exploration and Development of N Block, Offshore Kazakhstan
HOUSTON, Jun 11, 2009 -- ConocoPhillips (NYSE: COP), JSC National Company KazMunayGas (KMG) and Mubadala Development Company PJSC (Mubadala) today announced that they have signed project agreements allowing the joint exploration and development of the Nursultan Block (N Block) located in offshore Kazakhstan.
KMG as majority owner will hold a 51 percent interest in the subsoil use contract and the remaining 49 percent will be shared equally between ConocoPhillips and Mubadala. The project will be operated by a Kazakh LLP, which will be jointly owned by the participants in proportion to their equity.
"The rise of our cooperation with ConocoPhillips and Mubadala to a new level indicates foreign investors' great interest in developing Kazakhstan's offshore fields in the Caspian and re-affirms the potential of our country's oil and gas sector. This project will enable us to use new technology and international expertise in developing offshore oil and gas resources of Kazakhstan," said Kairgeldy Kabyldin, president, KazMunayGas.
"ConocoPhillips is honored to participate in this world-class exploration project in Kazakhstan and we look forward to working with KazMunayGas and Mubadala to develop the oil and gas resources in N Block," said Jim Mulva, chairman and chief executive officer, ConocoPhillips. "This project expands our global portfolio of high-quality projects and enables us to provide a steady flow of energy resources to consumers around the world."
"We are pleased to partner with KazMunayGas and ConocoPhillips," said Khaldoon Khalifa Al Mubarak, chief executive officer and managing director, Mubadala Development Company. "The establishment of mutually beneficial partnerships remains a fundamental element of Mubadala's approach to business. Signing this agreement is another important step in realizing our strategy to become an active participant in the international upstream petroleum sector."
The N Block is located 30 kilometers south-southwest offshore Aktau, Kazakhstan in the Caspian Sea. The block covers approximately 8,100 square kilometers, and according to government estimates is considered highly prospective for both oil and gas.
About KazMunayGas:
JSC National Company "KazMunayGas" (KMG) is a national oil and gas exploration, production, processing and transportation operator representing the Government of Kazakhstan's interests in the country's oil and gas industry. KazMunayGas is wholly owned by JSC National Welfare Fund "Samruk-Kazyna." Additional information about KazMunayGas can be found at www.kmg.kz.
About ConocoPhillips:
ConocoPhillips is an international, integrated energy company with interests around the world. For more information, go to www.conocophillips.com.
About Mubadala Development Company:
Mubadala Development Company (Mubadala) is a public joint stock company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala's commercial strategy is fundamentally built on long-term capital-intensive investments that deliver strong financial returns.
The company manages a multi-billion-dollar portfolio of local, regional and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure and services.
About Mubadala Oil & Gas Unit:
Mubadala Oil & Gas is a business unit within Mubadala that pursues acquisition, exploration and development opportunities in the Middle East, North and West Africa, and Central and Southeast Asia. Its portfolio of assets include Pearl Energy, a wholly-owned subsidiary of Mubadala that operates in four Southeast Asian countries, and exploration and production activities in Algeria, Libya and Oman. Current net working interest production from its participating interests in Dolphin Energy, the Mukhaizna field and Pearl Energy is approximately 266,000 barrels of oil equivalent per day (BOEPD).
Mubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about Mubadala, its partnerships and activities please visit www.mubadala.ae.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements about ConocoPhillips within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about ConocoPhillips' revenues, income, earnings and other financial items, its plans and objectives for the future, future economic performance, or other projections or estimates about its assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of its operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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